5 Reasons Why You Should Consider Income Protection
Life is expensive, right? There’s always something to pay for; whether that’s your children’s school uniforms, your best friend’s hen do, or your car MOT and service. With all these expenses to consider, do you really need to add another insurance policy to your monthly outgoings?
Our money is important. It keeps our world spinning. Without that money, we would be in a really difficult situation. That’s why you should consider income protection insurance. Yes, it’s another monthly cost to consider, but if you were ever in a position where you could no longer go to work and earn money, this insurance policy will act as your financial safety net.
Here are 5 reasons why you should consider income protection insurance.
We’re all living longer
Our average life expectancy is rising each year. Although this means more time on earth to create precious memories, it also means that we’re probably more susceptible to developing health conditions as we age. The likelihood of us becoming seriously ill or injured before retirement is arguably higher than the likelihood of us passing away before then.
With an income protection policy, you can claim if you are too ill or injured to go to work, and it will pay out a regular portion of your salary until you have either recovered and gone back to work, retired, or passed away – whichever comes first.
Income protection provides more than Statutory Sick Pay
Statutory Sick Pay (SSP) currently comes in at £96.35 a week (as of June 2021). You may qualify to receive this from your employer if you are out of work with an illness or injury. Whilst this is a great safety net, this amount can be difficult to live on depending on your circumstances, but particularly if you have a family.
An income protection policy would offer much more money each month. It does require your monthly investment but that peace of mind that you are looked after if you need it really is priceless.
Stress-related illness and mental health conditions are covered
Mental health is important and needs to be taken seriously. Fortunately, income protection providers do just that. An income protection policy will cover you for stress-related illnesses, anxiety, depression and other mental health conditions that may affect your ability to go to work.
So many of us are feeling the effects of the global COVID-19 pandemic in a big way. Mental health is the most common cause of claim on income protection, so this insurance product really is there for you when you need it.
We are all at risk
It’s difficult to think about and admit, but no one is invincible from illness or injury. The COVID-19 pandemic has probably made a lot of people realise this. You may think it will never happen to you, but that’s not a safe stance to take.
It’s important to protect your income because you don’t know when it could be taken away from you. By the time you realise the importance of income protection insurance, it might be too late to take it out.
Protect your family
If you are a parent with children that rely on you and your income, income protection becomes so much more important. It’s not just you that will be affected by illness or injury, it’s your little ones too. Without your income, would your family still be able to serve three meals a day? Maintain the bills and the mortgage or rent? Would your children need to quit those after-school clubs to keep costs down?
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Life insurance products are designed to protect the life you love and the people within it. Putting provisions against circumstances out of your control is the stuff of heroes!